It needs hardly any emphasis that insurance plays a vital role to the economy of a country. As the pace of industrialization is getting momentum in the country, the need for providing protection against various perils which may cause loss to properties trade and commerce is increasing simultaneously. In order to extend efficient services to the clients in the context of globalization, Islami Commercial Insurance Co. Ltd. started in its operation of business from 1st day of January, 2000. Accordingly, as required under the law of the country, the company is duly registered and established under the Company’s Act, 1994 and the Insurance Act, 1938 with a view to transacting all types of General Insurance business viz. Fire, Marine, Motor & Miscellaneous insurance business etc.
Capital – Authorized and Paid Up
The capital structure of the company is as follows:-
- Authorised Capital : 100,00,00,000/= (Taka hundred crore)
- Paid-up-Capital : The initial paid-up-capital of the company was
Tk.6,00,00,000/= (Taka six crore) which raised to Tk.30,39,16,660/= (Taka thirty crore thirty nine lac sixteen thousand six hundred sixty) by issuing Stock Dividend from its profit.
The company is preparing to float shares for Tk.20,26,00,000/= (Taka twenty crore twenty six lac) through Initial Public Offering (IPO).
The Credit Rating of our Company is “AA-”. The capital base of the company is very strong having a sizable amount as Statutory Deposit with Bangladesh Bank as required under the provision of the Insurance Act, 2010.
Financial Highlights at a Glance
all BDT. amount in lac
|Paid Up Capital||3039||2951||2951||2951||2682|
|Gross Premium Income||5520||5020||4629||4102||3259|
|Net Premium Income||3607||3475||2788||2406||2142|
|Commission on Re-Insurance||342||355||317||408||262|
|Gross Claim Paid||2250||6623||752||384||332|
|Net Claim Paid||981||497||598||361||251|
|Investment & Other Income||59||329||282||715||391|
|Net Profit before Tax||463||499||77||599||507|
|Investment in FDR, BGTB & Share||4541||4996||4950||4533||3924|